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Market Hustle: Stock Futures Rise; Reports Say Deal Reached in Ukraine Crisis

NEW YORK (TheStreet) -- Stock futures were drifting higher Friday and on pace for weekly gains amid news that a deal to end the political crisis in Ukraine has been reached.

  • Dow Jones Industrial Average futures were rising 36 points, or 31.77 points above fair value, to 16,136. S&P 500 futures were up 4.25 points, or 3.47 points above fair value, to 1,840.5. Nasdaq futures were higher by 8.8 points, or 9.52 points above fair value, to 3,680.38.
  • The office of Ukrainian President Viktor Yanukovych said Friday that an international deal to end the increasing violence between protesters and police has been achieved, though there were some concerns among citizens that it wouldn't be sufficient to pacify protesters.
  • Standard & Poor's said Ukraine will likely default on its debt if there are no significant improvements in the political crisis, which it doesn't expect. The agency cited the increasing violence between protesters and police as it downgraded the country's rating by a notch to CCC.
  • Existing home sales for January will be released at 10 a.m. EST. A dip to a seasonally adjusted annual pace of 4.68 million units from a rate of 4.87 million units in December is expected by economists, given the impact of bad weather. But the overall, longer-term housing market outlook appears healthy.
  • International stocks were higher after the prior day's slump as the Bank of Japan's January meeting minutes indicated that its aggressive stimulus could persist for more than the market's expectation of two years, and after Thursday brought a report showing that U.S. manufacturing data improved in February, offsetting China slowdown concerns.
  • Japan's Nikkei 225 closed ahead by 2.88%, the Hong Kong Hang Seng settled up 0.78%, the FTSE 100 in London rose 0.22%, and the DAX in Germany was trading sideways after dropping by the most in more than two weeks on Thursday.
  • St. Louis Federal Reserve Bank President James Bullard will speak on the economic outlook and monetary policy in St. Louis. starting at 1:10 p.m., and Dallas Fed President Richard Fisher will talk about his economic outlook in Austin at 1:45 p.m.
  • HP (HPQ - Get Report) was adding on 1.69% to $30.70 after blowing past Wall Street's top and bottom line estimates in its first-quarter results released on Thursday.
  • Groupon (GRPN - Get Report) was plummeting more than 14% to $8.80 after the company warned of a quarterly loss on increased marketing expenses.

-- Written by Andrea Tse in New York

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